Public Storage (NYSE:PSA) Shares Acquired by Thoroughbred Financial Services LLC

Thoroughbred Financial Services LLC increased its stake in shares of Public Storage (NYSE:PSA) by 93.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,314 shares of the real estate investment trust’s stock after acquiring an additional 3,055 shares during the period. Thoroughbred Financial Services LLC’s holdings in Public Storage were worth $1,816,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Public Storage by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after buying an additional 217,487 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Public Storage by 4.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after purchasing an additional 219,391 shares during the last quarter. Norges Bank acquired a new stake in Public Storage during the 4th quarter worth $821,151,000. APG Asset Management US Inc. boosted its stake in Public Storage by 4.7% during the 4th quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock worth $632,758,000 after purchasing an additional 93,122 shares during the last quarter. Finally, Centersquare Investment Management LLC boosted its stake in Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after buying an additional 173,975 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of Public Storage stock opened at $359.16 on Friday. The business has a 50-day simple moving average of $320.20 and a 200-day simple moving average of $293.02. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. Public Storage has a one year low of $233.18 and a one year high of $361.23. The company has a market cap of $62.86 billion, a PE ratio of 32.62, a P/E/G ratio of 5.07 and a beta of 0.67.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the business posted $4.28 earnings per share. Public Storage’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, equities research analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is 108.99%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PSA. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a report on Thursday, August 1st. Barclays raised their price objective on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Evercore ISI upped their price target on Public Storage from $330.00 to $334.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Finally, Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and an average target price of $325.15.

Public Storage Company Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.